Alliances Will Provide Buyers Using The FreeMarkets(R) B2B eMarketplace
With Broad Access to Central European Manufacturers
PITTSBURGH, May 24 /PRNewswire/ -- FreeMarkets, Inc. (Nasdaq: FMKT), the
original and world's leading B2B eMarketplace, today announced that it has
formed alliances with government agencies within the Czech Republic and
Hungary to provide manufacturers in those countries with access to the
FreeMarkets B2B eMarketplace.
The alliances expand FreeMarkets' already deep global database of
suppliers and give the Company's Global 1000 customers access to high-quality,
cost-competitive Central European manufacturers. Czech and Hungarian
manufacturers benefit from the relationships by having unprecedented access to
millions of dollars of new business opportunities through the FreeMarkets B2B
eMarketplace. Since 1995, more than $5 billion worth of commerce has been
conducted through FreeMarkets. To date, more than 4,000 qualified suppliers
from over 50 countries have participated in the FreeMarkets B2B eMarketplace.
These suppliers have bid on this business.
In the Czech Republic, FreeMarkets will team with CzechTrade, the trade
promotion agency of the Czech Ministry of Industry and Commerce, to jointly
promote the FreeMarkets B2B eMarketplace and train suppliers throughout the
Czech Republic for eMarketplace participation.
In Hungary, FreeMarkets has formed an alliance with the Investment Trade &
Development of Hungary (ITDH), an agency of the Hungarian Ministry of Economic
Affairs that assists Hungarian businesses in developing business opportunities
outside of Hungary. ITDH will identify and train Hungarian manufacturers for
participation in the FreeMarkets B2B eMarketplace.
"Central European companies are leading manufacturers of many of the goods
that our customers purchase," said FreeMarkets vice president of supply
markets Douglas Wnorowski. "By expanding our global database of suppliers to
include them, we are creating additional value for our customers, while also
opening opportunities for Czech and Hungarian manufacturers to participate in
global trade through our B2B eMarketplace."
"Czech companies are competitive in the global market as leading producers
of low-cost, high quality goods and services," said Martin Tlapa, CzechTrade
CEO. "By providing access to the FreeMarkets B2B eMarketplace to Czech
companies, we are opening the door to significant new business opportunities,
and proving that Czech firms can compete head-to-head with their peers around
the world."
With a Gross Domestic Product of $51.8 billion, exports totaling
$26.8 billion, and a population of 10.3 million, the Czech Republic exports
goods and services in the following sectors: automotive components, electrical
and electronic equipment, engineering services, chemicals, plastics, rubber,
machine tools and many others.
"We believe that Hungarian manufacturers can effectively compete for
business on a global scale," said Barnabas Nemeth, Director of Coordination,
ITDH. "Hungarian manufacturers participating in the FreeMarkets B2B
eMarketplace have access to a tremendous amount of new business opportunities,
with organizations from around the world."
With exports totaling $25 billion and a population of 10 million,
Hungary's chief exports include machinery, automotive components and
electronics. Forty of the 50 largest multinational companies operate
facilities in Hungary.
Both the Czech Republic and Hungary are associate members of the European
Union and full members of OECD and NATO.
About CzechTrade
CzechTrade is a Czech government agency for trade promotion. The agency
offers consulting services, assistance and promotion activities for Czech
exporters and identification of partners or suppliers for foreign importers.
By the end of 2000, CzechTrade will have 15 foreign offices, including Chicago
and Miami. CzechTrade can be found on the Web at http://www.CzechTrade.cz
About Investment Trade & Development of Hungary (ITDH)
ITDH is the Hungarian government's Investment and Trade Development
Agency, established by the Ministry of Economic Affairs to promote
international economic relations and business endeavors having direct impacts
on the development of the Hungarian economy. ITDH has 37 offices abroad and
eight regional offices inside Hungary.
About FreeMarkets
FreeMarkets is the original and world's leading B2B eMarketplace, with
online markets for industrial parts, raw materials, commodities and services.
The Company has executed online auctions for over $5.4 billion of purchase
orders to date, and created potential estimated savings of more than
$1 billion for its customers. Since 1995, FreeMarkets has created online
auctions for products in more than 100 supply verticals, including injection
molded plastic parts, commercial machinings, metal fabrications, chemicals,
printed circuit boards, corrugated packaging and coal. More than 4,000
suppliers from over 50 countries have participated in the FreeMarkets B2B
eMarketplace. FreeMarkets is the only B2B eMarketplace that includes industry-
leading online auction technology, technical operations, industrial market
making services, access to a global database of suppliers and supplier
research, call center support to buyers and suppliers in over 30 languages,
and marketplace rules. The Company's current customers include Visteon
Corporation, United Technologies Corporation, The Quaker Oats Company, Owens
Corning, Eaton Corporation, Emerson Electric Company, FirstEnergy Corp.,
SmithKline Beecham plc, Navistar International and Delphi Automotive Systems
Corporation. FreeMarkets can be found on the Web at http://www.freemarkets.com.
FreeMarkets is a registered trademark of FreeMarkets, Inc.
Forward-looking statements
Statements in this press release that are not historical facts, including
those statements that refer to FreeMarkets' plans, prospects, expectations,
strategies, intentions, hopes and beliefs, are forward-looking statements.
These forward-looking statements are based on information available to
FreeMarkets today, and FreeMarkets assumes no obligation to update these
statements as circumstances change. There are risks and uncertainties that
could cause actual results to differ materially from the forward-looking
statements, including, without limitation, market acceptance of FreeMarkets'
B2B eMarketplace, the competitive nature of the market for business-to-
business online auction services, FreeMarkets' ability to retain and increase
revenue from existing customers and to attract new customers, FreeMarkets'
ability to attract and retain qualified personnel, the size of the market for
used equipment and surplus inventory, the demand for online auction and other
asset recovery services by buyers and suppliers, and FreeMarkets' ability to
integrate acquisitions. Risk factors are described in more detail in
FreeMarkets' filings with the Securities and Exchange Commission.
For more information contact Karen Kovatch of FreeMarkets, 412-297-8767,
or kkovatch@freemarkets.com.
SOURCE FreeMarkets, Inc.
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Related links:
http://www.freemarkets.com
CONTACT:
Karen Kovatch of FreeMarkets, 412-297-8767,
or kkovatch@freemarkets.com
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